AHA raises retirement age

ALTON — Anyone starting work for the Alton Housing Authority now will have to wait until they are 10 years older to receive full retirement benefits if they are not vested in the plan.

At its delayed, monthly meeting Tuesday, the board of commissioners unanimously approved a resolution raising the retirement age from 55 to 65, for those who are not yet vested.

AHA Executive Director Andy Hightower said the change would not affect anyone currently employed by the authority.

“I think it’s something we need to do, 55 as the retirement age is pretty much going out the window,” said board Chairman Bruce Malone.

An employee who was retiring, but not vested in the plan, previously could be bumped up to be fully vested at age 55. Now, if someone is not 100 percent vested, which Hightower says generally takes seven years, he or she must be at least 65 years old to get the “bump” for full retirement benefits.

The commission took the action upon advice of Candace Meyers, Benefit Planning Consultants, Inc. of Champaign.

The only other resolution that commissioners OK’d sets the fiscal year 2014 operating budget of $1,416,650, up about $24,000 from this year’s $1.392 million. Hightower said the biggest different between the two years’ budgets is $27,000 allocated for purchase of computer equipment and an automated folding and inserting system machine.

Hightower said he had planned to buy the equipment this fiscal year, but U.S. Department of Housing and Urban Development subsidies to the AHA were cut so the authority could not afford to make the purchases.

The fiscal year begins April 1.

The commissioners’ meeting was postponed a week because of the snowstorm Feb. 4.

Linda N. Weller may be reached at 618-463-2559 or on Twitter @Linda_Weller